https://www.taxtmi.com/caselaws?id=391374 The tribunal partially allowed the assessee's appeal, dismissing the disallowance under section 14A as not pressed. The disallowance of prior period expenses was overturned in favor of the appellant based on the principle of mercantile accounting. The addition of advance against depreciation was upheld, with directions given to the AO to verify and potentially reduce the addition in future income if proven. No specific details were provided on the issues of interest levy or penalty proceedings. The judgment emphasized adherence to accounting principles in determining deductibility. en-us Fri, 27 Dec 2019 00:00:00 +0530 Mon, 27 Jan 2020 05:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391374 The tribunal partially allowed the assessee's appeal, dismissing the disallowance under section 14A as not pressed. The disallowance of prior period expenses was overturned in favor of the appellant based on the principle of mercantile accounting. The addition of advance against depreciation was upheld, with directions given to the AO to verify and potentially reduce the addition in future income if proven. No specific details were provided on the issues of interest levy or penalty proceedings. The judgment emphasized adherence to accounting principles in determining deductibility. Case-Laws Income Tax Fri, 27 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391374